Bitcoin Cash Market Overview: BCH/USD getting ready for a breakout?

BCH/USD went down from $390.50 to $384 in the early hours of Wednesday. Bitcoin Cash looks like it is in a consolidation phase. If the bulls can gain enough momentum following the consolidation, the price will surpass $400. If that does happen, then it will be the first time since November 2018 when BCH/USD was able to do so.

BCH/USD Daily Chart

• BCH/USD is consolidating in a flag formation.
• The 20-day Bollinger band’s widening jaw shows increasing market volatility.
• The latest bearish session brought the price back inside the Bollinger band.
• The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The signal line has diverged away from the MACD line showing bullish momentum.
• The Elliot Wave Oscillator shows five consecutive bullish sessions.
• The relative strength index (RSI) indicator is still lurking inside the overbought zone though it looks like it will be creeping out soon.